New Telegraph

Top 15 Weekly Business News Roundup For Latest Nigeria News

Here is New Telegraph’s weekly business news roundup of the top 15  latest Nigerian news making headlines from Monday, January 22 to Saturday, January 27, 2024.

‘Petrol Prices To Fall Over Local Refining’

The Governor of Central Bank of Nigeria (CBN) Dr. Olayemi Cardoso, has said that fuel pump prices will moderate this year as government and private-owned refineries begin operation. He spoke yesterday at the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos.

He stated that the expected stabilisation or reduction in fuel costs would… Read more 

Google To Launch AI-Powered Multi-Search Platforms

The Global Search Machine is set to launch another platform to make searching for information on the platforms easier in 2014.

According to the company, users will have various means of searching for information on the easier platforms… Read more 

King Of Morocco Invites Tinubu Over African-Atlantic Gas Project

King Mohammed VI of Morocco has invited President Bola Tinubu to visit Morocco. The monarch extended the invitation during a phone call, according to Morocco World News.

A statement from the royal palace seen by New Telegraph yesterday explained that the phone call involved a conversation on the African-Atlantic Gas Pipeline… Read more

Guinness Nigeria Achieves 26.6% Revenue Increase

Guinness Nigeria Plc (Guinness) unaudited Q2-24 results showed a stand-alone loss per share of N3.57 (vs EPS of N0.58 in Q2-23) translating to a loss per share of N2.39 in H1-24 (H1-23 EPS: N1.84). The negative outturn in earnings was primarily due to a substantial increase in net finance cost (+385.8% y/y).

In Q2-24, Guinness achieved a 26.6 per cent y/y increase in revenue (H1-24: +20.4% y/y), underpinned by… Read more

Seplat, Zenith Bank, GTCO Lead Gains As Benchmark Index up 0.57%

The Nigerian equities market on Thursday sustained the bull run, as the NGX All-Share index closed 0.57 per cent stronger to settle at 102,149.93 points. Buy interests in SE- PLAT (+10.00%), ZE- NITHBANK (+1.42%), and GTCO (+2.46%) drove the market’s positive performance, out- weighing sell-off in TRANSCOHOT (-1.20%), FBNH (-1.17%) and NB (-1.25%). Consequently, the market is on track for another week of gain.

The year-to-date (YTD) return rose to 36.61 per cent, while market capitalisation gained N316.75 billion to close at… Read more

Naira Plunges To N1,412/$1 On Parallel Market

The naira extended its slide on the parallel market on Thursday, falling to a new record low of N1,412 per dollar compared with N1,365 per dollar on Wednesday. Forex dealers attributed the naira’s slump in recent weeks to a steady rise in dollar demand since the start of the year as businesses and individuals scrambled for forex to import raw materials and pay for studies abroad, respectively.

The naira also weakened against the dollar on the official market Investors and Exporters (I&E) window on Thursday as it closed at… Read more

FG Plans Over $3trn For Energy Transition

Nigeria will spend a total sum of $3.1 trillion to transit from fossil fuel to cleaner and renewable energy, the Minister of State for Petroleum Resources (Oil), Dr Heineken Lokpobiri, has said.

He stated that the country had projected $1.9 trillion for the energy transition plan, while $1.2 trillion… Read more

SMEDAN Secures N1bn Matching Fund With Katsina To Boost SMEs

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has secured a N1 billion funding agreement for small businesses in Katsina state. Disbursement will commence with an initial injection of N250 million.

The agreement for the fund was signed Thursday between SMEDAN and Katsina State Governor, Dr Dikko Umaru Radda, SMEDAN said in a statement. Additionally, a Memorandum of Understanding (MoU) was… Read more

Nigerian Stock Market Tops As Shareholders Relish Bullish Moments

A major economic boom is happening at the Nigerian Exchange, where stockholders are not only recording unprecedented capital gains but are also poised to earn unprecedented dividends on their investments.

The prosperity promised by President Bola Tinubu during his campaign is becoming a reality for millions of Nigerians… Read more

Customs Processes N596.5bn Export At Lagos Terminal

Nigeria Customs Service (NCS ) has recorded 688,097 metric tonnes of export goods with Free-On-Board (FOB) worth N596.5 billion ($701.8 million) in 2023 at Lilypond Export Terminal in Lagos.

Also, the service recorded a surcharge of N97.2 million based on the 2.5 per cent levy on goods imported previously… Read more

Evaluating Nigeria’s Poor Power Output, Remedies

The Energy Progress Report 2022 released by Tracking SDG 7 posited that Nigeria had the lowest access to electricity globally, with about 92 million persons out of the country’s 200 million population lacking access to power.

Aside from other inconveniences to homes and an increase in family budget for upkeep, it has… Read more 

Apple Named Most Valuable Brand Globally

Apple has achieved exceptional brand value growth this year, increasing by $219 billion (74%) to $517 billion, reclaiming its title as the world’s most valuable brand.

Every year, brand valuation consultancy Brand Finance puts 5,000… Read more

Nigeria Begins Shipment Of N103bn Gas From Onne Port

Nigeria has started the year with a low shipment of 226,000 tonnes of liquefied natural gas valued at N103 billion ($120 million) from Onne Port to Kuwait and other destinations.

The country is expected to export over one million monthly to meet the demand in Europe… Read more

Report: Dangote Refinery To Produce More Than Imports From Netherlands, Belgium

The Dangote refinery, at full capacity, would be producing around 12mn t/yr of fuel, which is more than the combined imports from Netherlands and Belgium in 2023, Argus Media has said.

It explained that this should indeed mean that European refineries would have to work harder… Read more

IPMAN To Dangote: Include Independent Marketers In Product Distribution

The Chairman of Independent Petroleum Marketers Association of Nigeria (IPMAN), NNPC Depot, Ore Western Zone of Nigeria, Engineer Shina Amoo, has called on the management of Dangote Petroleum Refinery to include members of the association in the distribution of petroleum products from the plant.

There have been reports that major oil marketers such Total Nigeria Plc, Nigerian National Petroleum Company Limited Retail… Read more 

 

Read Previous

FG Blames Power Outage On Less Supply Of Gas To GenCos

Read Next

EPL: Guardiola Reacts To Klopp’s Liverpool Exit